Gold futures up ahead of key US economic data

Posted By: Religare
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Gold futures up ahead of key US economic data
Gold futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal ahead of key US services and private sector jobs data to be released today which may show weakness in the world's biggest economy amid severe weather, raising bets that the US Federal Reserve may slow QE taper, bolstering the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus.

US services may have grown at a slower pace last month while private sector jobs growth decelerated, data may show.However, dimming safe haven appeal of the precious metal amid easing concerns over the crises in Ukraine trimmed gains in the precious metal.

Gold futures for April 2014 contract, at MCX, is trading at Rs. 30,292 per 10 grams, up by 0.44 per cent, after opening at Rs. 30,191, against the previous closing price of Rs 30,160. It touched an intra-day high of Rs 30,318 (At 11:37 AM).

Dion Global Solutions Ltd.

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